The Real Deal New York

Rudin: 60% of Greenwich Lane buyers are New Yorkers

March 18, 2014 03:14PM

Watch the latest video at video.foxbusiness.com
Real estate titan Bill Rudin, whose family is co-developing the new Greenwich Lane condominiums going up in the West Village, is optimistic about the housing market in New York City.

With the number of building permit applications up last month and the demand for homes in nabes like Downtown on the rise due to low inventory, investment in the city is growing, Rudin told Fox Business in a video interview.

At Greenwich Lane, for example, about half the apartments have sold, mostly to New Yorkers and other domestic buyers, Rudin said.

“Over 90 percent are domestic buyers and of that, 60 percent are New York City residents,” Rudin told the station. “They’re switching, moving Downtown — there’s a lot of people who live in the Village that are moving to our project. It’s a little bit different statistic than say, in Midtown, some of these other bigger projects that are coming online soon.” [Fox Business] — Angela Hunt